Penang’s property market remains active

Admin

 

PENANG has once again proved to be a ‘strategic place’ for property transactional activities following an increase of demand in the residential units in Q3 compared to Q2 last year.

State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said he was glad with the remarkable result as cited by the National Property Information Centre (NAPIC), which operates under the Finance Ministry’s Valuation and Property Services Department (JPPH).

“In light of the current Covid-19 pandemic, the publisher of business and financial publication (The Edge) has come out with a report titled ‘Transaction volume expected to spike’ a few days ago.

“From the report, it stated that 3,446 residential units totalling to RM1.3bil were transacted in Q3 of last year compared to 1,545 residential units totalling to RM620mil were transacted in Q2 of last year. From this, we can see almost 123% spike in the demand for property units, especially affordable homes.

“Although last year was a tough year for everyone amid the movement control order (MCO), many transactional activities related to residential properties were taking place.

“This is a positive news for all of us as this shows the Penang government is committed to supplying affordable homes to the Penangites.

“On top of that, the first-time home buyers took the opportunity to secure their first properties amid the pandemic.

“We ‘walk the talk’ as there are adequate supply of affordable homes for the people,” he told a press conference in Komtar today.

On top of that, the state has identified five plots of land, covering 73 acres in the five districts.

Jagdeep added that the state Housing Board, which was established last month, would be tasked with the open tender process before development is carried out.

“Affordable housing is a way forward for Penang,” he said.

Raine & Horne International Zaki + Partners Sdn Bhd senior partner Michael Geh, who was present, expected the upward spike to continue in Q4 of last year.

As a chartered valuation surveyor, he said it was an ‘amazing’ result for the state to record increase of demand in residential units during post-MCO.

“Based on my observation, I would strongly feel that the transactional activities for Q4 of last year will keep on increasing.

“For example, the achievement was due to various housing policies being carried out. It includes the waiver of real property gains tax (RPGT) and other measures,” he said.

On the overhang units specifically in Penang, Geh pointed out only certain states in the country are facing this situation.

“It takes place mostly in some urbanised states instead of entire nation.”

On the Covid-19 situation in the state, Jagdeep reminded the public not to let their guard down although the vaccines have arrived yesterday.

“We must still follow the relevant standard operating procedures (SOPs) no matter how.

“We need to make sure that Penang returns to green zone soon and following SOPs is the key for this,” he added.

Also present were state Housing Board general manager Ainul Fadhilah Samsudi and Penang Island City Council (MBPP) Community Services director Rashidah Jalaluddin.

Story by Edmund Lee
Pix by Alissala Thian